The Ethereum/BTC pair plunged almost 15% to $3,575 lows on Dec. 4, as the entire cryptocurrency market was put “on Sale”. Despite this drastic downside move, Ethereum continued to outperform Bitcoin and hit a nearly three-year high against Bitcoin. Nearly 11.4% of the ETH/BTC pair rose to hit highs of 0.084 BTC, their highest level since May 2018.
ETH/USD was regaining all of its gains as of press time. This is just 1.36% less than Bitcoin, which remains at $49,417, down 7.40%. IntoTheBlock’s on-chain analytics has detected a rise in large transactions for Ethereum and Shiba Inu (MATIC) during the last 24 hours. This suggests that large entities are trying to acquire these tokens after the market crashed.
Investors Rush To Buy the Dip of Terra LUNA, Decentraland, the Sandbox, Safemoon, Shiba Inu
On-chain analytics, Santiment notes that prices have rebounded in today’s pullback with the largest buy the dip interest spike in 3 months. On this note, SHIB addresses are busy accumulating as Shiba Inu plunged 30% in the last 24hrs. According to Shib reports, An Ethereum Whale just bought $2,613,140.28 Worth of Shiba Inu today.
The hype over the potential rise of the “metaverse” sent tokens such as Sandbox’s SAND, Decentraland’s MANA, and others to all-time highs in November amid surging interest from cryptocurrency traders and Wall Street. Decentraland also made headlines in November when the nation of Barbados said it was preparing to establish a virtual embassy in Decentraland’s metaverse, bridging the worlds of international diplomacy and digital real estate.
Boosting the metaverse bullish sentiment is the report by asset manager Grayscale that the metaverse could be a potential $1 trillion market opportunity. Another report by Bank of America quoting Bloomberg Intelligence said the metaverse could harness $800 billion revenues by 2024. This has prompted many traders to buy the dip of top metaverse tokens such as Decentraland (MANA, +2.24%) and The Sandbox (SAND, +0.34%).
Large entities are buying SafeMoon dip as a Binance whale just bought 705,672,000,000 SafeMoon worth over $1,411,000.
Terra (LUNA) is back in the green after crashing to $46.40 today as investors bought the dip. The token is up 11.21% on the day to presently trade at $70.83. Terra has surged to hit record highs for 5 consecutive days, while marking all-time highs at $81.37 on Dec. 4.
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